1 week Ago
Surat: After a downward spiral for several months, the exports of cut and polished diamonds in Oct witnessed an increase of 11.32% compared to the same month last year, signalling a revival of demand for the precious stones. Gross exports of cut and polished diamonds were valued at $1,403.
59 million in Oct 2024 compared to $1,260.91 million in Oct 2023, according to data released by the Gem and Jewellery Export Promotion Council (GJEPC). Further, the overall gross exports of gems and jewellery reached $2,998.
04 million for Oct, marking a growth of 9.18% compared to $2,746.09 million in Oct 2023.
The provisional gross export of polished lab-grown diamonds (LGD) in Oct 2024 totalled $138.12 million, showing a growth of 1.27% compared to $136.
38 million in Oct 2023. However, the first seven months of the financial year show a decline in exports. The exports of gems and jewellery for the period April to Oct 2024 reached $16,583.
68 million, a decline of 9.1% compared to $18,243.91 million during the same period last year.
For the period April 2024 to Oct 2024, the diamond exports were worth $8,313.86 million, a decline of 16.56% compared to $9,963.
53 million during the same period last year. "This is a welcome relief for our industry as we've experienced export growth of 9.18% in Oct.
Notably, the export of cut and polished diamonds grew 11.32% compared to Oct 2023. We are optimistic that this trend will continue, especially with the approaching holiday season in the West, which will likely drive further demand for gems and jewellery," said Vipul Shah, Chairman, GJEPC.
The growth kindled hopes among diamond manufacturers and traders who have been adopting various measures to deal with the severe impact on the natural diamond trade. "From the figures, it seems that the global diamond market is stabilising and there are signs of improvement," said Govind Dholakia, Chairman, Shree Ramkrishna Exports. Vallabh Lakhani, Chairman, Kiran Gems, added, "It is a good sign and we hope that this trend continues.
It is a one-month comparison and may change every month, but there are good signs of revival in the market." President of the Surat Diamond Traders' Association, Hitesh Kutchhi, said, "We hope for a good time this festive season in the US as well." However, some diamond manufacturers are surprised to see the growth figures.
"The market is severely impacted due to war, sanctions on Russia, and LGD. These figures might not be showing the real picture," said a leading diamond manufacturer..
